Summer Of Recovery II

So, the “Summer of Recovery” has been dealt another staggering blow.

It was a roundhouse from the graveyard followed by a 1-2 combo that has now shown the “SOR” for the glass jawed paper fighter it always was.

1st- HOUSING- Sales of new homes fell by 12.4 percent over last month’s ballyhooed figures to bring in the WORST RATE OF NEW HOME BUYING SINCE 1963. Couple that with existing home sales hitting a new 15 year low and the housing market landed one punch that felt like two.

2nd-MANUFACTURING- Orders for manufacturers fell again for July and if it hadn’t been for a 76% jump in commercial aircraft demand it would have fallen even further than it did. This was a big departure from the administration’s Midwest Manufacturing Tour rhetoric last month where VP Biden and P Obama toured factories and towns talking about the “SOR” being fueled by manufacturing.

3rd- JOBS- All year long the administration has crowed about the creation of jobs as each new jobs report talked about growth in jobs numbers. Then they kept mum all year long as those numbers were revised DOWN after each job report’s initial release.

So what does the administration have to say about all this?

The silence has been deafening.